More than half of all UAE residents now use digital wallets as online payments increase after the Covid-19 pandemic, according to a new survey.
There is a broader appeal for digital wallets among younger shoppers. About 16 per cent of 18- to 24 year-olds prefer digital wallets, compared with 9 per cent in the 25-34 age group, according to the survey by payments solutions provider Checkout.com, which polled 1,008 consumers in the UAE between May 19 and 24.
“With more and more people embracing the convenience of digital wallets, coupled with the reassurance of their transactions being safe and secure, digitisation of the payment system is unstoppable,” said Mo Yusuf, regional manager for the Mena region and Pakistan at Checkout.com.
The increased use of contactless mobile payments, driven by hygiene concerns about using cash during the pandemic, has led to greater use of digital wallets.
Consumer spending through digital wallets is expected to exceed $10 trillion in 2025 — up from $5.5tn in 2020, according to a 2021 report by UK-based Juniper Research.
A digital wallet stores users’ credit and/or debit card information and links it to a payment gateway to allow purchases at a point of sale.
Similar to credit cards, digital wallets only work at merchants that accept them as a payment method.
About 48 per cent of respondents to the Checkout.com survey said that digital wallets could lead to a cashless society in a decade.
Cash usage continues to decline in the UAE, with only 20 per cent of respondents saying they use the cash-on-delivery option for online purchases, according to the research.
Fifty-eight per cent of UAE residents cited bill payments as the top reason for using digital wallets, followed by 55 per cent who use them to pay for groceries and 28 per cent who rely on them to send funds to friends and family, the research showed.
About 40 per cent of respondents also said they trust digital wallets as much as banks, the survey revealed.
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Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
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